Twenty One Capital, a Bitcoin (BTC) treasury firm established by an affiliate of Cantor Fitzgerald, Tether Holdings, and SoftBank Group, is set to bolster its Bitcoin holdings significantly.
The company announced on Tuesday that it expects to hold at least 43,500 BTC, valued at approximately $5.15 billion, after acquiring an additional 5,800 tokens from Tether. This marks an increase of about 1,500 Bitcoin more than initially projected when the company launched earlier this year.
Third-Largest Corporate Bitcoin Treasury
The acquisition is part of Twenty One’s strategy leading up to its planned public listing. With this purchase, the firm will position as the third-largest corporate Bitcoin treasury globally, having acquired its BTC at an average cost of $87,280.37 per coin.
Upon completion of the business combination with Cantor Equity Partners (CEP), each share of Twenty One is anticipated to represent around 12,559 satoshis, the smallest unit of BTC.
In a bid to enhance transparency and investor confidence, Twenty One will also introduce a performance metric known as Bitcoin Per Share (BPS). This will allow shareholders to track the company’s performance directly in BTC rather than through traditional earnings-per-share metrics.
Jack Mallers, Co-Founder and CEO of Twenty One, expressed his confidence in the company’s vision, stating:
We believe Bitcoin deserves a public company worthy of its ethos. With the partners, capital, team, and structure we’ve assembled, we feel like we can do anything, and we’re just getting started.
Twenty One Submits New SEC Registration
Following the closing of the business combination, Twenty One plans to maintain its Bitcoin holdings as part of a long-term treasury strategy. The firm has committed to a transparent custody model, ensuring that all BTC is verifiably held on-chain, with real-time proof of reserves available for public scrutiny.
Paolo Ardoino, CEO of USDT stablecoin issuer Tether, commented on the significance of this new initiative for the Bitcoin treasury company, stating:
Bitcoin represents more than just a financial asset; it’s a foundational protocol for freedom, transparency, and resilience. Twenty One captures that ethos in corporate form.
The business combination between Twenty One and CEP, a special-purpose acquisition company (SPAC) sponsored by an affiliate of Cantor Fitzgerald, is nearing completion, pending customary closing conditions and shareholder approval.
Following this merger, the majority ownership of Twenty One will be held by Tether and crypto exchange Bitfinex, with a significant minority stake from SoftBank Group, alongside equity held by PIPE investors and public shareholders of CEP.
As part of its preparations for the public market, Twenty One has submitted a draft registration statement on Form S-4 to the US Securities and Exchange Commission (SEC) and is seeking to trade under the ticker symbol “XXI.”
Featured image from DALL-E, chart from TradingView.com
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